Adobe (NASDAQ:ADBE) had its target price lowered by stock analysts at BMO Capital Markets from $310.00 to $300.00 in a research note issued to investors on Monday, BenzingaRatingsTable reports. The firm currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 14.90% from the stock’s current price.
A number of other brokerages have also weighed in on ADBE. ValuEngine lowered Adobe from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. BidaskClub lowered Adobe from a “sell” rating to a “strong sell” rating in a report on Saturday. Cleveland Research started coverage on Adobe in a report on Tuesday, October 15th. They set a “neutral” rating and a $283.00 price objective on the stock. JMP Securities reaffirmed a “hold” rating on shares of Adobe in a report on Wednesday, September 18th. Finally, Credit Suisse Group set a $325.00 price objective on Adobe and gave the stock a “buy” rating in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $301.04.
NASDAQ:ADBE opened at $261.09 on Monday. The firm has a market cap of $128.53 billion, a P/E ratio of 47.04, a PEG ratio of 2.56 and a beta of 1.09. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The stock’s 50 day simple moving average is $276.58 and its 200-day simple moving average is $283.81. Adobe has a 12-month low of $204.95 and a 12-month high of $313.11.
Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. Research analysts forecast that Adobe will post 6.39 EPS for the current fiscal year.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $269.71, for a total transaction of $809,130.00. Following the sale, the chief marketing officer now directly owns 49,148 shares in the company, valued at $13,255,707.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,832 shares of company stock worth $3,359,226. 0.32% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Marquette Asset Management LLC lifted its position in shares of Adobe by 114.3% in the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after acquiring an additional 48 shares in the last quarter. JNBA Financial Advisors lifted its position in shares of Adobe by 666.7% in the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after acquiring an additional 80 shares in the last quarter. Manchester Financial Inc. purchased a new stake in shares of Adobe in the second quarter valued at $28,000. Hexavest Inc. lifted its position in shares of Adobe by 58.2% in the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after acquiring an additional 39 shares in the last quarter. Finally, Ellis Investment Partners LLC purchased a new stake in shares of Adobe in the second quarter valued at $30,000. Institutional investors own 86.35% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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